Having hit its seasonal peak and an absolute 8-year high last week, which shouldn’t have caught any plugged-in readers by surprise, the number of homes on the market in San Francisco has since ticked down 3 percent to 1,010 but remains 4 percent higher than at the same time last year.

The year-over-year gain in inventory levels remains driven by listings for condos, which are currently up 9 percent on a year-over-year basis, not including the vast majority of new construction condos for sale across the city, with the number of single-family homes on the market (340) currently running 5 percent lower than at the same time last year. That being said, keep in mind that number of single-family homes on the market in San Francisco jumped nearly 60 percent from 2017 to 2018 (versus a mere 31 percent increase for condos).

At the same time, the percentage of active listings which have undergone at least one price reduction has ticked up another 3 percentage points to 26 percent, which is one point higher than at the same time last year despite a growing number of unsold properties having been relisted anew with a reduced asking price, but no official reductions according to MLS-based stats, with the percentage of homes on the market with a price tag of a million dollars or less currently holding at 26 percent (which is 7 percentage points lower than at the same time last year).

Expect inventory levels to continue to drop through the end of the year and the prevalence of reductions to rise.

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